Brazil Yacht Boom Faces Tax Drive as Wealthy Multiply

Brazil’s government is cracking down on luxury boat owners who allegedly evaded taxes and customs duties, as rising incomes in the world’s second-largest emerging market drive demand for high-priced leisure goods.

The federal government’s tax authority yesterday instructed a team of 30 employees, supported by boats and helicopters, to inspect foreign-made yachts and other “suspect” vessels, some of which may be used to launder money, the agency said in a statement.